US Oil, Gas Rig Count Falls for Third Consecutive Week
U.S. energy firms this week cut the number of oil and natural gas rigs for a third week in a row even...
U.S. energy firms this week cut the number of oil and natural gas rigs for a third week in a row even as they slowly increase production to pre-pandemic levels with shale oil output expected to hit its highest since March 2020.
The U.S. total oil and gas rig count, an early indicator of future output, fell by one to 762 in the week to Aug. 19, energy services firm Baker Hughes Co. said in its closely followed report. Oklahoma remains at 65 rigs drilling.
That was the first time drillers cut the rig count for three consecutive weeks since July 2020.
U.S. oil rigswere unchanged at 601 this week, while gas rigs fell one to 159.
MarketWatch: U.S. stocks end lower Friday to book weekly losses as summer rally sputters
U.S. stocks finished the week sharply lower with minutes from the Federal Reserve's July meeting and...
U.S. stocks finished the week sharply lower with minutes from the Federal Reserve's July meeting and comments from several Fed officials indicating the central bank still expected to move the benchmark rate high enough to combat high inflation. The Dow Jones Industrial Average dropped 292.30 points, or 0.9%, to finish at 33,706.74. The S&P 500 was down 1.3%, and the Nasdaq Composite finished 2% lower, according to FactSet. For the week, the Dow slipped 0.2%, while the S&P 500 declined 1.2% and the Nasdaq dropped 2.6%. Gold ended at its lowest price in over three weeks, down a fifth straight session to mark its longest losing streak since early July, while the ICE U.S. Dollar Index, a gauge of the dollar's strength against a basket of other currencies, was up 0.5% to top 108 for the first time in a month, according to Dow Jones Market Data.
Oil futures end higher for the session, fall for the week
Oil futures climbed...
Oil futures climbed on Friday, but ended the week with a loss. Data from the Energy Information Administration show "robust demand, while Russia showed its robust ability to find new buyers" for its oil, said Manish Raj, chief financial officer at Velandera Energy Partners. Next week's EIA report will be closely watched "to see whether this week's solid demand was just an anomaly or the new norm." Meanwhile, the Iran nuclear deal seems to be "stuck in a vacuum, crushing hopes of additional supplies," said Raj. September WTI crude CLU22, -0.03% edged up by 27 cents, or 0.3%, to settle at $90.77 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish in a week, FactSet data showed. For the week, front-month prices lost 1.4%.
Chances were up to 40% for the system to strengthen into a tropical cyclone — which is now Invest 99L — over the next 48 hours, according to the latest advisory.
Air Force Reserve hurricane hunters are scheduled to investigate the system today, if necessary, according to the National Hurricane Center.
Dow industrials start Friday session with 200-point skid
U.S. stocks opened lower on Friday as traders braced for more volatility with more than $2 trillion...
U.S. stocks opened lower on Friday as traders braced for more volatility with more than $2 trillion in equity-linked options contracts set to expire.
The Dow Jones Industrial Average DJIA, -0.70% fell 134 points, or 0.4%, to 33,862.
The S&P 500 SPX, -1.04% dropped 24.37 points, or 0.6%, to 4,259.
The Nasdaq Composite decreased 126 points, or 1%, to 12,839.
On Thursday, the S&P 500 SPX, -1.04% rose 0.2% to 4,283.74, the Dow industrials DJIA, -0.70% rose less than 0.1% to close at 33,999.04 and the Nasdaq Composite COMP, -1.60% gained 0.2% to finish at 12,965.34.
What’s driving markets?
Friday will be devoid of major U.S. economic data, leaving investors to deal with the monthly expiration of $2 trillion worth of stock and index options and comments from Federal Reserve officials.
